Long Term Disability Insurance Facts
Most people who are working often forget to buy long-term disability insurance for themselves
. This is important, because statistics say more people are more likely to be disabled permanently, or disabled for long periods of time than to die before the age of 60. Here are some facts you need to know about long-term disability insurance.
In some regards, because of the propensity for people to become injured for periods of time, disability insurance can be considered as equally important as life insurance. The economic loss for families is much greater, because a disabled person still needs shelter and food, as well as other expenses. In order to determine if you need long-term disability insurance, you should determine your risk factors and who is depending on you as the breadwinner. Does your spouse work?
Did you know, that if you have a history of being disabled, such as the being injured for more than a year-statistically, the 40% chance of being disabled for five more years the rest of your life! But of course, statistics are just that. Basically, illness begets more illness. Thus, those who have history of illness should consider long-term disability insurance.
You can determine how much insurance you need simply by sending your past life. Just determine how much you need to live for a month by going through your records the past couple months. This is amount of coverage you should probably buy. Of course, you need to consult with an agent before making decisions. Here we provide a disclaimer too: we are not professionals nor are we giving professional advice.
There's a lot of special terminology that disability insurance people use, so make sure that your agent will explain everything to you clearly. What do and disability insurance policies cost? Well historically, it is about two or three percentage points of your annual income, so policies costs depending on how much money you make annually. You should note the insurance companies have a cap on how much coverage they will provide- this is usually 90% of your average paycheck.
Next, you'll want to know if the benefit period will last as long as you want it to. The benefit period is how long you would receive disability living expenses for. You should probably opt for longer period of time than the shortest amount available, since if you were to have a long-term disability, it would probably last for quite a while.
There are lots of ways to save on your premiums by budging some policy and contract terms. One thing you can do this through delay the amount of time it takes before you can get your first disability check. Basically this gives insurance company more time to work on your file and it probably reduces their overhead expenses. You can also talk to an agent about future payment adjustments and those sorts of financial arrangements. Obviously, options will differ according to where you live and what the insurer offers.
by: Casey Trillbar
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